Clement Khoo

Acquisition Finance

• Acted for Centurion Asset Management Pte. Ltd. in its capacity as manager of Centurion Accommodation REIT (“CAREIT”) on its S$588 million club loan facilities granted to CAREIT in connection with its IPO on SGX Mainboard, secured by multiple purpose-built worker accommodation assets in Singapore. The loan was, amongst other purposes, used to acquire assets from CAREIT’s IPO sponsor, Centurion Corporation Limited, and contemplated conversion of certain property-holding companies into limited liability partnerships shortly after the IPO;
• Acted for I Squared Capital (“ISQ”) in connection with the financing for the acquisition by Cube Highways of Chenani-Nashri Tunnelway Limited, an Indian-incorporated company operating one of India’s longest operational road tunnels. I Squared Capital is a US-headquartered global private equity manager with a focus on investments in infrastructure. Cube Highways is a Singapore-based company and one of the leading investors in road and highway projects in India.
• Acting as Singapore counsel to global lenders on the financing for KKR and Singtel’s S$6.6 billion acquisition of the remaining 82% stake of ST Telemedia Global Data Centres;
• Acting as Singapore counsel to lenders on the S$1.1 billion debt financing for Simba Telecom’s acquisition of M1 Limited, being the first telco consolidation in Singapore’s history;
• Acted for HL Bank in the financing of the voluntary conditional cash offer for the shares of SGX Mainboard-listed T T J Holdings Limited, which is a steel structural specialist and in the business of waste management and treatment;
• Acted for NewMedco Group Ltd., a consortium incorporated in the Cayman Islands between private equity fund Dymon Asia and several doctors, in its financing arrangements from UOB for the general offer and compulsory acquisition of the shares of Singapore O&G Ltd., a company listed on the Catalist board of the SGX-ST providing O&G, paediatrics, cancer-related and dermatology services;
• Acted as Singapore counsel to the lead arrangers in relation to the secured syndicated credit agreement to finance the US$37 billion leveraged acquisition of Nasdaq-listed Broadcom Corporation by Singapore-incorporated and Nasdaq-listed Avago Technologies Limited to form Broadcom Limited (which is also listed on Nasdaq);
• Acted for DBS Bank in its financing of the delisting of SGX Mainboard-listed Hi-P International Limited, by way of a voluntary unconditional general offer and a compulsory acquisition. Hi-P International Limited is a global leading manufacturer in the telecommunications, lifestyle, computing and automotive industries and is valued at S$1.6 billion based on the offer price; and
• Acted for Maybank in its financing of the exit offer of then SGX Mainboard-listed Aztech Group Ltd, a company principally engaged in the businesses of electronics, material supply and marine logistics.

Property / Project Finance

• Acted for DBS Bank in its grant of a green loan for the acquisition and refurbishment of Robinson 112, a 14-storey freehold office building located in the Central Business District of Singapore by Alpha Eins (SG) Pte Ltd, being an affiliate of a German privately-owned real estate office;
• Acted for the lender in the financing of the S$450 million acquisition of VisionCrest Commercial, a Grade A office building in the Orchard Road precinct, by a joint venture between TE Capital Partners, LaSalle Investment Management and Metro Holdings Limited. It is believed that this was Singapore’s largest office deal of 2023.
• Acted for Centurion-Lian Beng (Ubi) Pte Ltd, a 51:49 joint venture between SGX-listed Centurion Corporation Limited and Lian Beng Group Ltd., in its financing arrangements for the tender purchase from JTC of the land at Ubi Avenue 3 and re-development into a foreign workers’ dormitory;
• Acted as Singapore counsel to State Bank of India in its INR 3500 crores facilities to the respective project companies in the Cube Highways group to finance its TOT Bundle-3 projects, consisting of nine road stretches with 2,265 km across four states in India. The toll, operate, transfer (TOT) model developed by the National Highways Authority of India uses a one-time, upfront concession fee paid to the government in return for the right to operate, maintain and collect tolls over 30 years on select operational national highway stretches;
• Acting for CapitaLand Group in two green loans from DBS Bank to finance the development of two international tech parks, one in Chennai, Radial Road and one in Gurgaon, New Delhi;
• Acted for a Malaysian bank in part financing the construction of Jurong Island Chemical Logistics Facility, an eight-storey general warehouse building with mezzanine offices, comprising a chemical warehouse, an ISO tank depot and a few container depots. The contract sum of the construction contracts is valued at approximately S$94.9 million;
• Acted for the developer in its loan facilities for the construction and development of the Essence, a condominium located at Chong Kuo Road;
• Acted for a joint venture company in its loan facilities for its A$43.5 million acquisition of A-grade office towers located close to the Perth central business district by a joint venture between an engineering group and investment group. The acquisition was the first in Australia by the engineering group in its portfolio;
• Acted for the borrower in its RMB542 million loan facilities for the purchase of a Hong Kong company, its primary asset being a 14-storey office building located in Shanghai, via an onshore-offshore facility structure; and
• Acted for a Singapore bank in relation to its financing of the construction of a hydropower plant in Indonesia.

Fund Finance

• Acted for a Singapore-incorporated fund (with 14 included investors) in its re-financing of a US$150 million capital call facility granted by an Australian bank; and
• Acted for a Singapore bank in connection with its grant of a loan pegged to the net asset value of a Singapore variable capital company.

Other Financings

• Acted for the club banks in a back leverage facility to finance a private credit lender’s loans secured by real estate in Singapore;
• Acted for a Singapore bank in financing a leading integrated electric vehicle charging solutions provider in Southeast Asia, secured by various electric vehicle charging assets. The deal involved advising on compliance with the newly enacted Electric Vehicles Charging Act 2022; and
• Acted as lead counsel to the Singapore branch of a Malaysian bank in financing the acquisition of several Malaysia-flagged vessels.